Silver Sector M&A Hits US$14.3 Billion As Miners Hunt for Growth
After five years of stagnant dealmaking, the silver mining sector underwent an aggressive US$14.3 billion consolidation wave since 2024.
Data compiled by Metals Focus shows that announced transaction values surged from a negligible US$244 million over the preceding five-year window to US$14.3 billion across 2024 and 2025.
Market activity was heavily concentrated, with the largest six transactions accounting for over 90 percent of total deal value. Primary silver miners generated record operating cash flows in 2025, increasing by roughly US$4.9 billion year-over-year, while capital expenditures rose by only $1.2 billion.
Out of a projected five-year global mine supply increase of 123 million ounces, primary silver mines are expected to contribute only about 40 million ounces.
Here are some of the biggest transactions finalized during this period.
First Majestic consolidates Mexican assets with Gatos Silver deal
First Majestic Silver (TSX:AG,NYSE:AG) agreed to acquire Gatos Silver in an all-stock transaction valued at approximately US$970 million in September 2024.
The acquisition hands First Majestic Gatos’ 70 percent operating interest in the Los Gatos joint venture, which controls the Cerro Los Gatos silver mine in Chihuahua, Mexico.
The transaction integrates Cerro Los Gatos alongside First Majestic’s San Dimas and Santa Elena operations, expanding the company’s footprint across three core mining districts in Mexico and driving combined annual production to between 30 million and 32 million silver equivalent ounces.
Coeur Mining completes New Gold acquisition
In March this year, Coeur Mining (TSX:CDE,NYSE:CDE) finalized its acquisition of New Gold pursuant to a definitive agreement announced on November 3, 2025.
The deal expands Coeur’s operational footprint by adding the New Afton gold-copper mine in British Columbia and the Rainy River gold-silver mine in Ontario, Canada, further cementing the sector-wide trend of primary silver companies acquiring material gold exposure to scale up cash generation.
The transaction brought Coeur’s total post-closing share count to approximately 1.03 billion shares, with Coeur’s stock officially commencing trading on the Toronto Stock Exchange under the symbol “CDE” on March 16, 2026.
Pan American Silver finalizes MAG Silver transaction
Pan American Silver (TSX:PAAS,NYSE:PAAS) completed its acquisition of MAG Silver, absorbing a 44 percent joint venture interest in the large-scale, high-grade Juanicipio silver mine in Zacatecas, Mexico, which is operated by Fresnillo (LSE:FRES,OTCPL:FNLPF).
The transaction also includes 100 percent ownership of the Larder exploration project and a 100 percent earn-in interest in the Deer Trail exploration project.
The underground operation is among the world’s highest-grade primary…
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